EUR/USD Daily Analysis
EUR/USD’s break of 0.9863 support confirms down trend resumption. Intraday bias is back on the downside for a 100% projection of 1.0368 to 0.9863 from 1.0197 at 0.9692. A firm break there could prompt downside acceleration and target a 161.8% projection at 0.9380. On the upside, above 0.9943 minor resistance will turn intraday bias neutral first. But the outlook will stay bearish as long as the 1.0197 resistance holds, in case of recovery.
In the bigger picture, the downtrend from 1.6039 (2008 high) is still in progress. The next target is a 100% projection of 1.3993 to 1.0339 from 1.2348 at 0.8694. In any case, the break of 1.0197 resistance is needed to be the first sign of medium-term bottoming. Otherwise, the outlook will stay bearish even with a strong rebound.
